Millennium Management LLC Buys 255,140 Shares of PROCEPT BioRobotics Corporation $PRCT

Key Points

• Millennium Management LLC increased its stake in PROCEPT BioRobotics by 88.6%, owning 542,987 shares valued at approximately $31.6 million.
• PROCEPT BioRobotics recently reported a negative EPS of $0.35, beating estimates and showing a revenue increase of 48.3% year-over-year.
• The company's stock has faced a decline of 5.1%, with an average price target of $73.22 from analysts, indicating a potential for growth despite recent setbacks.

Millennium Management LLC raised its stake in shares of PROCEPT BioRobotics Corporation (NASDAQ:PRCT - Free Report) by 88.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 542,987 shares of the company's stock after buying an additional 255,140 shares during the period. Millennium Management LLC owned 0.98% of PROCEPT BioRobotics worth $31,634,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. ANTIPODES PARTNERS Ltd bought a new position in PROCEPT BioRobotics during the first quarter valued at about $30,000. BI Asset Management Fondsmaeglerselskab A S bought a new position in PROCEPT BioRobotics during the first quarter valued at about $40,000. CWM LLC raised its holdings in PROCEPT BioRobotics by 69.5% during the first quarter. CWM LLC now owns 873 shares of the company's stock valued at $51,000 after buying an additional 358 shares in the last quarter. Nisa Investment Advisors LLC raised its holdings in PROCEPT BioRobotics by 32.5% during the first quarter. Nisa Investment Advisors LLC now owns 1,100 shares of the company's stock valued at $64,000 after buying an additional 270 shares in the last quarter. Finally, IFP Advisors Inc increased its stake in shares of PROCEPT BioRobotics by 358.9% in the first quarter. IFP Advisors Inc now owns 3,313 shares of the company's stock worth $193,000 after purchasing an additional 2,591 shares during the period. 89.46% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on PRCT. Morgan Stanley dropped their price objective on PROCEPT BioRobotics from $71.00 to $68.00 and set an "overweight" rating on the stock in a research note on Tuesday, July 15th. Wells Fargo & Company dropped their price objective on PROCEPT BioRobotics from $75.00 to $58.00 and set an "overweight" rating on the stock in a research note on Thursday, August 7th. Stephens began coverage on PROCEPT BioRobotics in a research note on Wednesday, July 9th. They issued an "overweight" rating and a $70.00 price objective on the stock. Oppenheimer upgraded PROCEPT BioRobotics from a "market perform" rating to an "outperform" rating and set a $60.00 price objective on the stock in a research note on Tuesday, September 2nd. Finally, BTIG Research reiterated a "neutral" rating on shares of PROCEPT BioRobotics in a research note on Tuesday. Seven investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $70.00.

PROCEPT BioRobotics Stock Performance

PRCT stock traded up $1.57 during trading on Tuesday, reaching $39.57. 1,441,718 shares of the stock were exchanged, compared to its average volume of 903,579. PROCEPT BioRobotics Corporation has a twelve month low of $36.90 and a twelve month high of $103.81. The company has a market capitalization of $2.20 billion, a P/E ratio of -25.53 and a beta of 1.03. The stock has a 50 day simple moving average of $46.02 and a 200-day simple moving average of $53.34. The company has a current ratio of 9.21, a quick ratio of 7.86 and a debt-to-equity ratio of 0.13.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported ($0.35) earnings per share for the quarter, topping analysts' consensus estimates of ($0.41) by $0.06. PROCEPT BioRobotics had a negative return on equity of 23.73% and a negative net margin of 30.60%.The business had revenue of $79.18 million for the quarter, compared to the consensus estimate of $75.67 million. During the same period last year, the business earned ($0.50) earnings per share. The firm's revenue for the quarter was up 48.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that PROCEPT BioRobotics Corporation will post -1.75 earnings per share for the current year.

About PROCEPT BioRobotics

PROCEPT BioRobotics Corporation, a surgical robotics company, focuses on developing transformative solutions in urology in the United States and internationally. The company develops, manufactures, and sells AquaBeam Robotic System, an image-guided, surgical robotic system for use in minimally invasive urologic surgery with a focus on treating benign prostatic hyperplasia (BPH).